RM147.1 bln allocated especially to assist SMEs since 2020 - PM

KUALA LUMPUR: The government has allocated RM147.1 billion especially to assist the small and medium enterprises (SMEs) through various economic stimulus packages announced since 2020, said Prime Minister Tan Sri Muhyiddin Yassin.

With the implementation of these packages, SMEs' growth prospects would recover gradually this year in line with the overall economic growth forecast, he said.

"The economic stimulus packages as well as Budget 2021 will be able to help ease the SMEs' cash flow constraints and enhance their business resiliency," he said in a pre-recorded speech for the virtual launching ceremony of the MyAssist MSME portal and National SME Week 2021 today.

The economic stimulus packages referred to are the Economic Stimulus Package 2020 (PRE 2020), National Economic Recovery Plan (PENJANA), Prihatin Rakyat Economic Stimulus Package (PRIHATIN), Additional Prihatin SME Economic Stimulus Package (PRIHATIN SME Plus), Prihatin Supplementary Initiative Package (KITA PRIHATIN), Malaysian Economic and Rakyat's Protection Assistance Package (PERMAI), Strategic Programme to Empower the People and Economy (PEMERKASA), PEMERKASA Plus, and the RM150 billion National People's Well-Being and Economic Recovery Package (PEMULIH) announced on June 28.

Muhyiddin noted that Bank Negara Malaysia had forecast that the country's economy would grow by between six to 7.5 per cent this year with the stable domestic activity recovery as well as increased external demand being the fundamental factors that drove this optimism.

He stressed that SMEs were the country's economic backbone, forming about 98.5 per cent of all business entities in Malaysia at all sectoral levels.

"Overall, SMEs in the country have succeeded in providing job opportunities for more than 7.3 million people," he said.

Entrepreneur Development and Cooperatives Minister Datuk Seri Wan Junaidi Tuanku Jaafar was also present at today's ceremony.

-- BERNAMA